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Philadelphia, Pa. – The Federal Reserve Bank of Philadelphia has announced the appointment of Frederick C. "Ted" Peters II, chairman and CEO of Bryn Mawr Trust Company, to the board of directors. His three-year term will begin in January 2009.
Each of the 12 Reserve Banks has a nine-member board of directors that oversees Bank operations. The directors provide information about economic conditions in their industries to monetary policymakers.
Peters will serve a three-year term as a Class A director. Class A directors are elected by member banks in the Third District and they represent the banking sector.
Peters was the founder and CEO of the first Main Line Bank and, before that, the co-founder and CEO of the National Bank of the Main Line. He has more than 30 years of banking experience in the Philadelphia area. Prior to his Philadelphia Fed appointment to the board, Peters served on the Philadelphia Fed's Community Bank Advisory Council from 2001 to 2003. He served as the council's chairman in 2003.
Peters is a director of the Pennsylvania Association of Community Bankers, Main Line Health Inc., Saint Davids Golf Club, the Bryn Mawr Film Institute, and the Rosemont College Business Advisory Council. In 2007, he received the Valley Forge Military Academy's Mustang Man of the Year Award. The Mustang Scholarship Foundation provides scholarships to economically disadvantaged students. He is a graduate of the Haverford School and has a bachelor’s degree from Amherst College.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.